By Adedapo Adesanya
African cryptocurrency company, Yellow Card, has announced the closing of its Series C financing valued at $33 million.
The equity financing was led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
Yellow Card provides individuals and businesses of all sizes across 20 countries with secure and cost-effective methods to buy and sell USDT, USDC, and PYUSD via their local currency, directly and through its payments API. Yellow Card has facilitated over $3 billion in transactions across Africa and completed $85 million in equity financings.
In an announcement on Thursday, the firm said the $33 million financing marks a significant milestone for the company and the African fintech industry as a whole, “as it validates the vision and progress for stablecoins on the continent and practical applications for the technology worldwide.”
“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Mr Chris Maurice, CEO and co-founder of Yellow Card.
“We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent,” he added.
This newly secured capital will be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products — the gateways for international businesses including Coinbase and Block to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.
Also, it will allow Yellow Card to develop innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.
This financing reflects the level of confidence expressed in the business by both new and existing investors.
“The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Mr Aleks Larsen, General Partner at Blockchain Capital, the lead investor in Yellow Card’s Series C financing. “We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins.”